REAL ESTATE FREQUENTLY ASKED QUESTIONS (FAQs)
Is court judgment a land title?
This simply implies
that the individual went into a court battle with the government to another
party over an expanse of land and came out victorious. Such person can then
proceed to process the appropriate land documentation to grant him exclusive
rights to such land, which could be either C of O, Governor’s Consent, Excision
or Gazette as the case may be.
What are the biggest strategies for making money in real estate in Nigeria?
- Real Estate Agency
- Property Development
- Commercial Property Rental
- Land banking/Flipping
- Real Estate Trading
What is dual agency?
Dual agency occurs when a real estate agent works on behalf of both the home buyer and seller.
What is house flipping?
Flipping (also called wholesale real estate investing) is a type of real estate investment strategy in which an investor purchases a property not to use, but with the intention of selling it for a profit.
What’s your opinion about agents who request for inspection fee?
If you are doing the inspection yourself, this should be considered as a transport fare for the agent but if you hire a professional inspector, you need to pay for the service.
What document is a contract of sale?
A contract of sale is an agreement between a seller and a buyer. The seller agrees to deliver or sell something to a buyer for a set price that the buyer has agreed to pay. With these contracts, the transfer of ownership happens when the buyer pays and the seller delivers.
What document is a deed of assignment?
A Deed of Assignment is an important legal land document that records a sale of land and transfers interest and title in real property from one party to another starting from the commencement date stipulated in the document.
What’s the difference between a contract of sale and a deed of Assignment?
A major difference between a contract of sale and deed is that under a deed of assignment, the title of land acquired is required to be perfected upon payment of the full consideration and execution of the deed. The perfection of title involves the assignee taken the required steps to register the deed of assignment at the appropriate Land Registry. The process for the perfection of a deed of assignment involves the following three steps;
- Obtaining Governors Consent.
- Stamping of the deed of assignment, and
- Registration of the deed of assignment.
What’s a maisonette house?
The name maisonette originates from the French word “maison” (pronounced may-zon), which means “house” in English. A “maisonette” would be the diminutive, a small house or maisonette.
Alternatively, a maisonette can be considered as a house on stilts, above an office, a store or even above another maisonette. In this case, your maisonette would be 2-floor maisonette.
What is the Difference Between a Flat and an Apartment
A flat is the word that is mostly used in the UK and the adjoining Commonwealth countries. When the industrial revolution began, there was a heavy influx of immigrants from rural to urban areas, hence at that time, the idea was conceived to build a self-sustaining unit with numerous flats in it.
Infact with time, it became so popular that homeowners demolished their bungalows, condo, or independent houses to replace them with high rise buildings comprising numerous flats. A way to warm money through rent.
Now Americans use the term Apartment instead of a Flat. Though almost the same, in some scenarios apartments used to describe a higher standard of living than flats. Apartment for high class and flat for middle/working class.
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